“Growth is sub-par, the business investment outlook is weak, the Australian dollar is still too high and inflation is benign,” Mr Oliver said.

Rate cuts have also been forecast by CommSec economist Savanth Sebastian and BetaShares chief economist David Bassanese, with the former pointing to weak non-mining business investment and the latter highlighting a firm Australian dollar and weak iron prices.

According to the survey, 21 of the 34 respondents expect the Reserve Bank to make at least one more rate reduction this year, while six have forecast two cuts.